Piyush Goyal Highlights India’s Expanding Global Trade Network, Innovation Drive and Self-Reliance Vision at FICCI AGM

Shri Goyal stressed that self-reliance does not mean isolation; rather, it means building domestic capability while deepening fair, transparent, and trustworthy global partnerships.

Union Minister of Commerce and Industry Shri Piyush Goyal addressed the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi, outlining India’s transformational progress in global trade, innovation, manufacturing, and economic self-reliance. His address highlighted both the achievements of recent years and the opportunities that lie ahead as India strives to emerge as a leading global economic power by 2047.

India’s Expanding Web of Strategic Trade Agreements

Shri Goyal announced that India has now concluded balanced and equitable Free Trade Agreements (FTAs) with several key global partners, including:

• Australia

• United Arab Emirates (UAE)

• Mauritius

• United Kingdom

• European Free Trade Association (EFTA) – Switzerland, Norway, Iceland & Liechtenstein

These agreements, he said, reflect India’s commitment to building long-term, mutually beneficial economic partnerships. India is currently in active negotiations with 14 countries and blocs, representing nearly 50 nations, including:

• United States

• European Union

• Gulf Cooperation Council (GCC)

• New Zealand

• Israel

• Eurasian Economic Union

• Canada

• South Africa

• Mercosur

These negotiations underline India’s intent to develop resilient, future-ready supply chains amid global uncertainties.

Self-Reliance: A Civilisational Mission Strengthened Under Atma Nirbhar Bharat

The Minister emphasised that self-reliance has always been part of India’s cultural and civilisational ethos, drawing parallels with teachings from the Bhagavad Gita and Mahatma Gandhi’s Swadeshi movement. This long-standing vision, he said, has gained renewed strength under Prime Minister Shri Narendra Modi’s Atma Nirbhar Bharat initiative.

Shri Goyal stressed that self-reliance does not mean isolation; rather, it means building domestic capability while deepening fair, transparent, and trustworthy global partnerships.

USD 100 Billion EFTA Investment Commitment

Referring to the recently concluded trade agreement with the EFTA bloc, Shri Goyal highlighted its landmark commitment:

• USD 100 billion investment in India over 15 years

• Focus areas include innovation, precision manufacturing, R&D, and high-quality technology projects

He said India’s cost competitiveness in research and innovation is among the best globally, enabling world-class outcomes at a fraction of Western costs.

India’s Innovation Ecosystem: Poised for Takeoff

Shri Goyal detailed how India’s innovation capabilities are being accelerated by:

• A vast pool of STEM graduates

• Deep penetration of internet and digital services

• A thriving startup ecosystem

• Government support for deep-tech, automation, AI, and robotics

He noted that the recently launched USD 12 billion Research, Development and Innovation (RDI) Fund will give a further boost to advanced research, deep-tech entrepreneurship, and industry-led innovation.

Skilling India’s Youth for the Future

Highlighting India’s demographic advantage, the Minister said:

• Unlike ageing developed nations, India’s youthful population can quickly absorb and adapt to emerging technologies.

• Skill development, digital literacy, and technical training must be scaled up to prepare India’s youth for global opportunities.

He encouraged industry to collaborate deeply with educational institutions to build a talent-ready India.

Strengthening Resilient Supply Chains

Shri Goyal reflected on recent geopolitical disruptions that have reshaped global trade flows. He said nations increasingly seek trusted partners and supply chain resilience—and India, with its expanding FTA network and reliable governance framework, is emerging as a preferred partner.

India’s PESTLE Strengths: A Holistic Growth Story

The Minister presented India’s strengths using the PESTLE framework:

Political:

• Stable, reform-oriented government

• Vision of “Minimum Government, Maximum Governance”

• Improved investor confidence

Economic:

• Policies supporting manufacturing and exports, including:

  • National Manufacturing Mission

  • ₹25,000 crore Export Promotion Mission

• India’s rapid progress toward becoming the world’s third-largest economy

Social:

• Labour reforms through the Four Labour Codes

• Antyodaya principle ensuring delivery of essential services and welfare to the most vulnerable

Technology:

• Semiconductor Mission (₹76,000 crore) to reduce external dependence

• ₹7,000 crore permanent magnet production programme to strengthen high-tech manufacturing

• Rising digital innovation and tech-driven governance

Legal:

• Reforms under Jan Vishwas 3.0 to enhance ease of doing business

• The Atomic Energy Bill 2025, opening the nuclear sector to boost energy sovereignty

Environmental/International:

• Growth in green technologies and sustainable manufacturing

• Continued expansion of global partnerships and trade integration

Industry Must Champion Innovation-Led, Future-Ready Growth

Shri Goyal urged FICCI and India’s business community to adopt a mission-oriented approach in:

• Strengthening R&D

• Encouraging technology adoption

• Building global competitiveness

• Unlocking India’s potential as a manufacturing and innovation hub

• Creating strong industry–academia partnerships

He said that only through sustained collaborative efforts among industry, government, and citizens can India realise the goal of becoming a developed nation (Viksit Bharat) by 2047.

A Confident Vision for India’s Global Role

Concluding his address, Shri Goyal said India is on the cusp of extraordinary transformation. With expanding FTAs, a booming innovation ecosystem, rising manufacturing capabilities, and a youthful workforce, India is well-positioned to emerge as a self-reliant, globally trusted economic powerhouse in the decades to come.